Box Ships Inc (TEUFF)

[munhoi]

CEO made $8,866,999 off Box Ships Trader, Voyager and Maule


I looked deeper into the conflicted sales of these 3 ships that the CEO bought for a mere $1.50 and sold for $43.3 million

Here is my conclusion:


The Company wrote off $99,783,001 on these 3 ships on the books
The Bank Amro settled and wrote off $65,350,000
The Difference is what the CEO assumed in liabilities of $34,443,001 clearing all debts for TEUFF for these 3 ships


However the CEO then sold these same 3 ships for $43,300,000
while assuming only $34,433,001 and kept the sales profits at Allseas and not returning a dime to TEUFF

If my conclusion is correct - we have been robbed $8,866,999 by the CEO and that amounts to approx. 28 cents a share on fully diluted shares - before the dilution it would have been approx $2.70 per non diluted shares before he diluted us with 28 million in new shares

This is why the Board of Directors refused to reply to Mr. Chu and supply him the information

IMHO this is white collar theft right under the TEUFF common shareholders

Now that I have researched and come up with this conclusion - I believe that is why two of the Board of Directors resigned so it could be hidden further from the shareholders once Mr. Chu outright asked for this information - didn't get and then accused them of looting the company and its shareholders from this one transaction alone

This is my conclusion and view only - but it seems fairly accurate once I backed into the liabilities they must have assumed - ie Total bank debts outstanding minus bank debts written off = debt assumed minus combined ship sales $$ received by CEO/Allseas

Are we all steamed and upset yet !!!!!